Do All the Directors Need to be Members of the SSAS?
The short answer is: no. All Company Directors do not need to be Members to the scheme. This means that, while SSAS is very much a Directors pension scheme, this does not automatically mean all Directors must be included in the SSAS.
Let’s discuss who can (and should) be a member of a SSAS.
Who Can Be a Member of a SSAS?
SSAS is most suitable for Company Directors and their beneficiaries. However, you can choose to invite senior members of staff and company employees if that is something you wish to do.
You may also invite your children (over the age of 18) and employees’ family members to join the scheme. However, there can be no more than 11 members at any given time.
Please note: while not everyone needs to be a member of the SSAS, all Company Directors must be told that you are setting up the SSAS (even if they are not invited to be part of it).
SSAS is Ideal for Family-Run Businesses
Generally we recommend that SSAS is ideal for Directors of small to medium sized businesses and their families. In other words, where Directors are not related, an individual SSAS for each Director is best. This helps keep wealth within the family and simplifies the process of managing the SSAS.
SSAS is one of the best intergenerational wealth funds available and is a wonderful way to grow your fund for retirement and that of your children to support them in their future endeavours.
Learn More About SSAS
To learn more about SSAS and its many benefits, visit our SSAS Video Hub. We answer your questions and share how you can utilise SSAS to grow your business and save for retirement.
